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Greetings again, Everyone!
As we had expected, The RBA Holds their Overnight Rate @ 3.0% favoring their effective 3-Month Policies of Late, although a hint at further Easing may be needed during their “Wait and See” Policy Shifts.
Price simply moves back into It’s Range between the .7950’s “Transitive Rollover” Support and the Key .8000 Daily Static Resistance Range.
Here is The Hourly View, as we have Accumulation working through “The Chop” here.
Post-Time is 7:10 GMT.
The Aussie here is also a “Candidate for The Directionless Markets” we have been seeing, as well as most Majors as of this Writing… at least on The IntraDay Views for all of My Friends who Work on these Time-Cycles.
With the Aversion slightly and “easily” Reversed a bit yesterday concerning The Dollar, The Queen has at least showed us a bit more “Activity” in anticipation of The BoE… although this is largely “tempered” by The G-8 as well as The BoE also expected to Hold Rates as well.
What will be an interesting aspect for The BoE is the “now-classic” Will-We-Hear- More-Concerning-Future-Quantitative-Easing Arguments moving forward… that is surely The Modus Operandi of The Global Central Banks ( save largely for Trichet and The ECB… some people are just so stubborn, aren’t they?… hee hee hee… ;-)
While The Queen is currently working through IntraDay Neutrality, She is still largely vulnerable to the Volatility we saw yesterday from The Risk-Averse Dollar and Yen. Any Expansion seen in The Purchase of Additional Assets by The BoE will see similar Pressure on The Queen… and she will once again flounder in “Her Continual English Channel Swim Analogy” that we always speak of!
A Clip through the Dynamic Uptrend Line here can see The 1.5800 Area in the Near-Term, while on “The Other Side of the fence” a Push through 1.6330’s with a Hold will be favorable to those of you with Longer-Term Views towards 1.66… again… as long as Price can remain Above and “Out of The Neutral Zones” here!
Here is The Hourly View, so give The Capture a Click for Levels.
(Also… be Mindful of Industrial and Manufacturing Production out of The U.K. @ 8:30 GMT which could surely be a “Catalyst” in their own right…)
We cannot forget about Global Decline in Oil Demand also playing a Role here… having an “Indirect Effect” on most Currency Units, thereby keeping The Dollar and Yen clearly In View.
The “Neutrality” we spoke of is clearly evident with my just-published “Currency Majors Technical Perspective” Report, as the lack of significant Conviction in our “Four Sibling” Units is seen.
(Writing-Time was a bit early for me for today’s Report, so Price Points will be different… but Overall Sentiment remains Intact.)
As always, I will have plenty of Updates to come for You… as we see if some “Catalysts” will come our way as we get closer to The G-8!
( China’s Rhetoric that we discussed in our previous Post is still a Factor here… so we will certainly monitor that Situation moving forward! )
